Not the full picture. Built from public records, which leave things out.Read by hand, Oct 2026DetailsThis is built from public records, which leave a lot out, and some of it may be wrong or out of date. Check the sources, and tell us if you spot a mistake. What this site can't tell you Read by hand. We read Kenora's own documents for this site in October 2026; the Sources page lists which ones. The comparisons with other places still come from the Province's yearly reports.
Questions · 8 so far
Things worth asking about
We read Kenora's financial reports and meeting minutes. These are the things that stood out.
What these are, and what they are not. A question here means a number or practice is unusual, or harder to see than it should be. It does not mean anyone did anything wrong. Most unusual numbers turn out to have ordinary explanations, and every question lists some. The only way to know is to ask.
Worth asking
Worth asking
There may well be a good reason. It is still worth asking what it is.
$21,389,755surplus in 2025, against a budgeted $6,734,294
A surplus is what is left when a year's revenue is more than its spending. The City's 2025 budget, as restated in the statements, planned a surplus of $6,734,294. The audited statements show $21,389,755. Revenue came in at $86,935,179 against a budget of $71,583,527, while spending was close to plan. Grants for building projects explain a large part: capital grants from Canada and Ontario together were about $11.7 million in 2025 (worked out by us), up from about $3.6 million in 2024 (worked out by us). The statements also show the City spent $20,892,872 on capital assets against a budget of $11,422,300, so some of the extra money was spent on projects. Investment income is the other large piece (see the next question).
Found by reading the city's own documents · 4 sources
$11,110,467investment income in 2025, against $3,994,401 in 2024
The City's statements list "Investment income" of $11,110,467 for 2025, against $3,994,401 for 2024. The 2026 operating budget plans for interest income of $2,150,000 a year. Most of the City's investments sit in the Citizens' Prosperity Trust Fund, set up in 2008 from the sale of the City's telephone system, to keep the money safe and use the income to replace the telephone dividends the City used to receive. In 2025 the City sold all its ONE Investment holdings and moved them to funds run by PH&N. The statements also record $662,296 of unrealized losses (paper losses, not yet sold) for the year.
Found by reading the city's own documents · 5 sources
Not estimatedcost of the Kenricia Hotel expropriation, per the 2025 statements
The City announced on July 24, 2025 that it is proceeding with expropriating the Kenricia Hotel, a heritage building downtown. Expropriation means the City takes a private property for a public purpose and must pay the owners compensation. The 2025 audited statements say the outcome and any related costs cannot be reasonably estimated, so no liability is recorded. We searched the text of the 2026 operating budget and the 2026 capital budget and did not find the words Kenricia or expropriation in either.
Found by reading the city's own documents · 4 sources
December 9, 2025date the auditor signed the report on the 2024 statements
The auditor, MNP LLP, signed its report on the City's 2024 statements on December 9, 2025, and Council approved the statements on December 16, 2025, almost a year after the year ended. For 2025 the report is dated July 14, 2026, and Council approved on July 21, 2026. Both reports give a clean opinion (the statements "present fairly"). We did not find a public explanation for the later date in 2024.
Found by reading the city's own documents · 3 sources
$6,478,017spent on general government in 2025, against a budget of $5,323,616
In the audited statements, general government (administration, council, finance, human resources) spent $5,588,105 in 2024 against a budget of $4,621,241, and $6,478,017 in 2025 against a budget of $5,323,616. Planning and development spent $4,000,553 in 2024 against a budget of $2,873,829, and $3,502,447 in 2025 against a budget of $2,855,150. The overspending was about $0.97 million and $1.13 million in 2024, and $1.15 million and $0.65 million in 2025 (worked out by us). Most other areas were close to budget or under it.
Found by reading the city's own documents · 4 sources
$8,000,000long-term investment in Synergy North, December 31, 2025
The City holds an $8,000,000 long-term investment in Synergy North Corporation, the electric company formed in 2019 when Kenora Hydro joined with Thunder Bay Hydro. It is made up of shares (8.31% of the common shares, recorded at cost, $6,930,721) and a promissory note ($1,069,279 left), which Synergy North repays at $500,000 a year. The statements say both principal and interest on the note can be held back under a subordination agreement "based on certain criteria". They do not say what the criteria are.
Found by reading the city's own documents · 2 sources
$4,587,250bank debt of the Kenora Health Care Centre guaranteed by the City, end of 2025
The City guarantees bank debt of the Kenora Health Care Centre, $4,587,250 at the end of 2025. It also carries a share of the cumulative deficit of the District of Kenora Home for the Aged, estimated at $910,017, though the statements say a bill to municipalities is not expected. The 2024 statements add that the City "has no recourse if a loan guarantee must be exercised". None of this is recorded as a debt in the statements. They also say several claims against the City are pending and no amount is recorded for them.
Found by reading the city's own documents · 3 sources
$21,389,755surplus in 2025, against a budgeted $6,734,294
A surplus is what is left when a year's revenue is more than its spending. The City's 2025 budget, as restated in the statements, planned a surplus of $6,734,294. The audited statements show $21,389,755. Revenue came in at $86,935,179 against a budget of $71,583,527, while spending was close to plan. Grants for building projects explain a large part: capital grants from Canada and Ontario together were about $11.7 million in 2025 (worked out by us), up from about $3.6 million in 2024 (worked out by us). The statements also show the City spent $20,892,872 on capital assets against a budget of $11,422,300, so some of the extra money was spent on projects. Investment income is the other large piece (see the next question).
Why it matters
A budget is the promise made to taxpayers about what the year will cost. When the result is far better than the promise, either a lot of the money is one-time grant money tied to projects, or the budget is set in a way that hides money that is really there. Residents cannot tell which from the budget alone.
It could be because…
Capital grants are received once and spent on a project, often over more than one year. They raise the surplus on paper without being free cash.
The statements say the budget Council adopts is not prepared the same way as the statements: it counts building projects as spending and leaves out amortization (the yearly wear on assets). Part of the gap can be accounting.
Investment income is hard to predict, so a City may plan low on purpose.
The City is spending more on capital than planned, which would use up some of the extra money.
Questions you could ask
How much of the 2025 surplus was grant money that is already committed to specific projects, and how much is free to use?
Which capital projects used the $20,892,872 spent on capital assets, and why was it almost double the budget?
Will Council see a plain table that reconciles the budget surplus to the statements' surplus each year?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Kenora?Send us your answer and we will publish it with this question.
The evidence
Statement of operations: "Annual operating surplus" budget 6,734,294, actual 21,389,755 (2024 actual 3,354,743). Total revenues budget 71,583,527, actual 86,935,179. Total expenses budget 64,849,233, actual 65,545,424.
Note 20, Government transfers, 2025: Government of Canada grants, Capital 4,658,966 (2024: 804,844); Province of Ontario grants, Capital 7,040,392 (2024: 2,797,547). Total Government of Canada grants 4,760,082; total Province of Ontario grants 12,564,673.
Note 14, Budget: the Financial Plan (Budget) By-Law "was not prepared on a basis consistent with that used to report actual results". "The budget expensed all tangible capital expenditures rather than including amortization expense." By-law surplus 4,147,812 is adjusted to a "Budget surplus per statement of operations" of 6,734,294.
Statement of changes in net financial assets: "Acquisition of tangible capital assets" budget (11,422,300), actual (20,892,872) (2024 actual (10,942,796)).
$11,110,467investment income in 2025, against $3,994,401 in 2024
The City's statements list "Investment income" of $11,110,467 for 2025, against $3,994,401 for 2024. The 2026 operating budget plans for interest income of $2,150,000 a year. Most of the City's investments sit in the Citizens' Prosperity Trust Fund, set up in 2008 from the sale of the City's telephone system, to keep the money safe and use the income to replace the telephone dividends the City used to receive. In 2025 the City sold all its ONE Investment holdings and moved them to funds run by PH&N. The statements also record $662,296 of unrealized losses (paper losses, not yet sold) for the year.
Why it matters
Investment income is a large, uneven source of money. If a gain from switching managers or a strong market year lifts the surplus, the City should say how much is one-time and where it went (the Trust Fund or the general budget), so residents know what to expect next year.
It could be because…
Selling the ONE Investment holdings, which the statements say were carried at cost in the year before, may have turned past gains into income in one year.
Bond and equity markets may simply have done well in 2025.
The City may budget investment income low on purpose, because markets are unpredictable.
Part of the income may belong to the Trust Fund and stay there, rather than reach the general budget.
Questions you could ask
How much of the $11,110,467 was a one-time gain from selling the ONE Investment holdings, and how much was interest and dividends?
How much stayed in the Citizens' Prosperity Trust Fund and how much reached the general operating budget?
Why is interest income still planned at $2,150,000 for 2026, 2027 and 2028 after a year like 2025?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Kenora?Send us your answer and we will publish it with this question.
Note 5: "During the current year, the City disposed of all investments held with ONE Investment and reinvested with pooled funds managed by Phillips, Hager & North (PH&N)." "In the prior year the ONE Investment funds were recorded at cost as they were not traded actively." The Fund's purpose is "to safeguard the principal while using the related investment income to eliminate the negative impacts resulting from the loss of the annual dividends from the telephone operations." Market value of the Fund's investments 48,396,985.
Note 10: Citizens' Prosperity Trust Fund 48,709,455 (2024: 44,733,312), listed under internally restricted entities within the accumulated operating surplus.
Corporate budget: "Interest Income" 2024 actual $3,103,873; 2025 budget $2,150,000; 2026 budget $2,150,000; 2027 and 2028 projected $2,150,000. The page says interest income and the contribution from the Citizens' Prosperity Trust Fund are in this planning centre.
Not estimatedcost of the Kenricia Hotel expropriation, per the 2025 statements
The City announced on July 24, 2025 that it is proceeding with expropriating the Kenricia Hotel, a heritage building downtown. Expropriation means the City takes a private property for a public purpose and must pay the owners compensation. The 2025 audited statements say the outcome and any related costs cannot be reasonably estimated, so no liability is recorded. We searched the text of the 2026 operating budget and the 2026 capital budget and did not find the words Kenricia or expropriation in either.
Why it matters
Compensation is usually based on the property's fair market value, plus other costs, and then there is the cost of restoring a heritage building. That could be a large sum with no line in the budget. Residents should know the range and who will pay.
It could be because…
The City may be waiting for the legal process to finish before it can give a figure.
Costs may be planned for a later budget once the City has an offer of compensation or a partner for the restoration.
The City may have found the money in reserves or grants and not named the building in the budget.
Questions you could ask
What is the City's estimate, even as a range, of compensation and legal costs for the Kenricia Hotel?
Which reserve or grant would pay for it, and is that shown in a Council report?
Where is the heritage restoration listed in the ten-year capital plan?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Kenora?Send us your answer and we will publish it with this question.
Note 19, Contingent liabilities: "The City is pursuing the expropriation of the Kenricia Hotel. As at year-end, the outcome of the process and any related costs remain uncertain and cannot be reasonably estimated. Accordingly, no liability has been recorded in these financial statements."
"The City announced on July 24, 2025, that it is proceeding with the expropriation of the historic Kenricia Hotel." The page says "the expropriation can take approximately 6 to 9 months" and that owners are offered compensation "based on fair market value".
We searched the full text of the 2026-2028 Operating Budget (87 PDF pages) for "Kenricia" and "expropriat" and found neither. A reader should check this against the PDF.
December 9, 2025date the auditor signed the report on the 2024 statements
The auditor, MNP LLP, signed its report on the City's 2024 statements on December 9, 2025, and Council approved the statements on December 16, 2025, almost a year after the year ended. For 2025 the report is dated July 14, 2026, and Council approved on July 21, 2026. Both reports give a clean opinion (the statements "present fairly"). We did not find a public explanation for the later date in 2024.
Why it matters
Residents and lenders rely on audited statements to know how the City did. The later they come, the later any problem is found, and the longer the budget for the next year is set without the final numbers.
It could be because…
A change in accounting rules, such as the asset retirement obligations the statements now carry, can slow an audit.
Staff changes or a delay in valuing the investment funds could have held up the work.
The 2025 audit shows the timing was back to mid-year, so this may have been a one-off.
Questions you could ask
What caused the 2024 audit to finish in December 2025, and is that written in a report to Council?
Did the late audit delay the Financial Information Return or any grant reporting?
What is the City's target date for the 2026 audit?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Kenora?Send us your answer and we will publish it with this question.
The evidence
Independent Auditor's Report on the statements for the year ended December 31, 2024: opinion that the statements "present fairly"; signed at Thunder Bay, Ontario, December 9, 2025.
Independent Auditor's Report on the statements for the year ended December 31, 2025: opinion that the statements "present fairly"; signed at Thunder Bay, Ontario, July 14, 2026.
$6,478,017spent on general government in 2025, against a budget of $5,323,616
In the audited statements, general government (administration, council, finance, human resources) spent $5,588,105 in 2024 against a budget of $4,621,241, and $6,478,017 in 2025 against a budget of $5,323,616. Planning and development spent $4,000,553 in 2024 against a budget of $2,873,829, and $3,502,447 in 2025 against a budget of $2,855,150. The overspending was about $0.97 million and $1.13 million in 2024, and $1.15 million and $0.65 million in 2025 (worked out by us). Most other areas were close to budget or under it.
Why it matters
Repeated overspending in the same two areas can mean the budget is set too low, or that costs are being moved around inside the statements. Either way the budget book does not give residents the real cost.
It could be because…
The statements say the adopted budget counts capital spending and leaves out amortization, so a function's budget and actual are not like for like. But amortization in these two areas was small in 2025 ($181,610 and $203,804), so it explains little of the gap.
Costs of shared services, such as insurance, computers and building costs, may be charged to general government after the budget is set.
Planning and development may include one-time grants, studies or downtown projects that were funded by reserves.
Salaries and legal work may have run above plan in a year with major projects.
Questions you could ask
What is the plain-language reason general government and planning and development ran over budget two years in a row?
Can the City show, line by line, what was in those two budgets and what was in the actuals?
Will the 2027 budget be built on the real 2024 and 2025 results for these areas?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Kenora?Send us your answer and we will publish it with this question.
The evidence
Statement of operations, 2025 budget and actual: General government 5,323,616 and 6,478,017 (2024 actual 5,588,105); Planning and development 2,855,150 and 3,502,447 (2024 actual 4,000,553).
Kenora spent $4.1M on running the city office in 2019 and $7.3M in 2025. Prices only went up about 21% in that time.
Why did the cost of running the city office grow 80% in 6 years?
Running the city office
Prices (inflation)
−20%+0%+20%+40%+60%+80%+100%
+80%
2019202020212022202320242025
Show as a table
Year
Running the city office
Prices (inflation)
2019
+0%
+0%
2020
−3%
+1%
2021
−2%
+4%
2022
+13%
+11%
2023
+37%
+16%
2024
+56%
+18%
2025
+80%
+21%
Change since the first year shown. The grey line is how much prices rose overall, for comparison.
Why it matters
Money spent running the office is money not spent on roads, water or safety. When office costs grow much faster than the services people see, it is fair to ask what the extra money is buying.
It could be because…
The city added a service, a building or staff that residents asked for.
Costs were moved from another area, so the total did not really change.
Accounting rules changed how costs are sorted.
Large one-time costs, like a study, lawsuit or repair, landed in one year.
Questions you could ask
What did the extra $3.3M a year pay for?
Why did office and administration go from $3.3M to $5.5M?
Was each increase approved by council as a separate decision, or did it happen through the yearly budget?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Kenora?Send us your answer and we will publish it with this question.
The evidence
Running the city office: 2019 $4.1M, 2020 $3.9M, 2021 $4.0M, 2022 $4.6M, 2023 $5.5M, 2024 $6.3M, 2025 $7.3M.
$8,000,000long-term investment in Synergy North, December 31, 2025
The City holds an $8,000,000 long-term investment in Synergy North Corporation, the electric company formed in 2019 when Kenora Hydro joined with Thunder Bay Hydro. It is made up of shares (8.31% of the common shares, recorded at cost, $6,930,721) and a promissory note ($1,069,279 left), which Synergy North repays at $500,000 a year. The statements say both principal and interest on the note can be held back under a subordination agreement "based on certain criteria". They do not say what the criteria are.
Why it matters
This is a large asset that is not traded on a market. Residents have a right to know when the City can expect repayment, and whether the shares pay a dividend.
It could be because…
A subordination agreement is common when a lender ranks behind a bank, and may rarely if ever be triggered.
The City has been repaid $500,000 in each of 2024 and 2025, so the arrangement may be working as planned.
Carrying shares at cost is a standard accounting choice for this kind of holding.
Questions you could ask
What are the "certain criteria" under which Synergy North may skip a payment to the City?
Does the City receive any dividend on its shares, and where is it shown?
When will the City review whether the shares are worth more or less than $6,930,721?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Kenora?Send us your answer and we will publish it with this question.
The evidence
Note 6, Long term investment: 9,100 voting, participating common shares of Synergy North Corporation, "representing 8.31% of common shares issued" 6,930,721; promissory note 1,069,279 (2024: 1,569,279); total 8,000,000 (2024: 8,500,000). The note is receivable "in annual principal instalments of $500,000" and both principal and interest are "subject to a Subordination and Postponement Agreement between the City and Synergy North wherein neither payment may be receivable based on certain criteria."
$4,587,250bank debt of the Kenora Health Care Centre guaranteed by the City, end of 2025
The City guarantees bank debt of the Kenora Health Care Centre, $4,587,250 at the end of 2025. It also carries a share of the cumulative deficit of the District of Kenora Home for the Aged, estimated at $910,017, though the statements say a bill to municipalities is not expected. The 2024 statements add that the City "has no recourse if a loan guarantee must be exercised". None of this is recorded as a debt in the statements. They also say several claims against the City are pending and no amount is recorded for them.
Why it matters
A guarantee costs nothing until it is called, and then it can cost the whole amount. Residents should know what is guaranteed, who watches the borrower, and whether anyone has flagged a problem.
It could be because…
The guaranteed amount is shrinking each year as the loan is paid down ($4,825,611 in 2024, $5,057,604 in 2023).
The Home for the Aged says it expects to cover its deficit from future surpluses.
Pending claims are normal for a city of this size and the amounts may be small or covered by insurance.
Questions you could ask
Does the City get regular financial reports from the Health Care Centre, and when does the guaranteed loan end?
What would the City do, and from which reserve, if the guarantee were called?
Is the $910,017 share of the Home for the Aged deficit still expected to be recovered, and by when?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Kenora?Send us your answer and we will publish it with this question.
The evidence
Note 19, Contingent liabilities: the City "has guaranteed bank indebtedness of the following: the Kenora Health Care Centre in the amount of $4,587,250 (2024 - $4,825,611)."
Note 19 (continued): "The Corporation of the City of Kenora has several claims and possible claims pending against it. The outcome of these claims is not yet determined and no amounts have been recorded in the accounts relating to these claims and possible claims." The City's pro-rata share of the cumulative operating deficit of the District of Kenora Home for the Aged "is estimated to be $910,017 (2024 - $910,017)". "A billing to Municipalities for their respective share of the deficit is not anticipated."
Note 19, 2024: the City guaranteed the Kenora Health Care Centre in the amount of $4,825,611 (2023 - $5,057,604). "The City has no recourse if a loan guarantee must be exercised."
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